Mr. John Corrigan:

The way to get it down as a percentage of GDP, which is the message the Minister would be giving, is to get growth back into the economy. We are seeing modest growth and the prospects of that growth and the relative reduction in the debt burden have improved our credit ratings. For example, Moody's rating agency moved us back from sub-investment grade to investment grade. As regards the challenge facing the NTMA, the relatively good news is that we now have a positive rating - in other words, an investment grade rating - from all three major rating agencies. We have seen evidence that this has brought some new investors into the market, which has put downward pressure on the rates at which we can borrow.